How fast does a secure card build your credit ?
I am trying to establish some credit. If I get a secured card from orchard for around $200. How soon and how much will this actually raise my credit score ?
Public Comments
- It shouldn't take more than a couple months. There are other ways of repairing your credit...check them out at the site below.
- Any open trade line with a good payment history is a + for your credit score, however, accounts with small credit limits are easily identified as lenders of last resort and indicate your creditworthiness is questionable. So while you are establishing a good track record, you aren't pushing your score into the 800's with cards from Orchard, Credit One or FreedomCard. In fact, just the sight of these issuers on your report means your credit is/was shaky. Pay your bills on time, and let the years go by, you will eventually be where you want to be. Best of luck.
- It will definitely help, although not as good as regular credit cards. How much and how soon depends on your payment history using this secured card. So make sure you are never late paying your monthly bills. Raising the credit line to over $1000 is a good idea if you qualify. As soon as your score is higher enough to apply for a regular credit card, you should apply for one. However, don't apply for too many just to see if you get approved, and don't try too early, because these credit report inquiries hurt your FICO score. For other ways to raise your FICO you can learn from http://triceiver.com/fico.aspx Also if possible, have a family member with better credit add you as an authorized user to their account. This is a great way to jump start credit building. The most important thing you can do is to pay your bills on time and your score will increase natually.
